Britexit should I be worried

banks4u

We are potentially going to exchange this week and complete in a few weeks. After the headline news yesterday about Briexit should we be worried about getting into negative equity?

regprentice

Who knows? No one can really answer that question for you.

Presumably you are buying a home which is suitable for you for the forsee able future and which you are confident you could cover the mortgage for with interest rises and/or a wage cut? If so then thats the main factor to take into consideration in my mind.

As long as the govt is heavily invested in propping up house prices then its hard to see what would eventually cause them to drop off a cliff. Last set of poll reaults i saw (poll of polls yesterday) suggested that leave were behind after appearing to be neck and neck last week). Who knows what the result will be.

amnblog

You believe George can work out the property prices three years ahead?

Has he provided a property growth figure if we stay and Greece default?

Or if we stay and Turkey join?

I am sure you can find more concrete things to worry about?

banks4u

That is very true!!

The house we are buying it's good for at least until baby is 11. So 11 years time, maybe should have got a longer fixed rate. I think we could manage the drop as we are at 80% but feel for those going at 90-95%

leveller2911

banks4u wrote: »

That is very true!!

The house we are buying it's good for at least until baby is 11. So 11 years time, maybe should have got a longer fixed rate. I think we could manage the drop as we are at 80% but feel for those going at 90-95%

Why?

No one forces them to borrow 90-95% and lets face it if their [STRIKE]homes[/STRIKE] investment value rose by 10% in a year they would be quite happy..

Got to take the rough with the smooth.

mrsp1987

There are so many potential permutations about Brexit I wouldn't spend time worrying about them. No-one really knows the impact of what will happen if we stay or if we leave and a lot of it is think tank research taking into millions of possibilities and coming up with best guesses.

brit1234

I wouldn't worry if you got a big deposit and not on one of these crazy 5% deposit schemes. Prices are falling anyway with the stamp duty changes, international slowdown and coming landlord tax changes despite Brexit.

AnotherJoe

Prices aren't falling around here ( Central SE)

brit1234

AnotherJoe wrote: »

Prices aren't falling around here ( Central SE)

Sorry, talking about central London price drops fanning out. Not got to suburbs or South East yet. That will be in the months to come as falls ripple out.

Thrugelmir

banks4u wrote: »

We are potentially going to exchange this week and complete in a few weeks. After the headline news yesterday about Briexit should we be worried about getting into negative equity?

If not Brexit could be any number of reasons. Fed is potentially going to raise interest rates again as early as next month if economic indicators look good. When the US moves. The world starts to follow.

banks4u

Yes that is true, the world does follow the US trend. I guess why would the govt guarantee all these help to buy mortgages if they thought properties were going to go down such a significant amount.